This cooperation agreement will create a new communication channel to receive remittances from Egyptians abroad.
Going by the report, this new development makes the National Bank of Egypt becomes the first bank in the country to use blockchain technology. The signing process was witnessed by a number of important personalities.
The excitement that greeted this agreement seemingly implies that a dream is coming through. Ripple, the blockchain tech sees it as a big means to expand in the region, with the influence and reputation of the National Bank of Egypt.
This is one of the most preferred and distinctive strategic partnerships for Ripple in Egypt, the Middle East, and North Africa.
As soon as the signing was completed, Hisham Okasha, the Chairman of the National Bank of Egypt stated that the deal will add a new and important tributary for remittances using RippleNet, which is the first of its kinds among the banks in Egypt.
Dalia El-Baz, the Vice Chairman of the Board also stated that the RippleNet network is being leveraged by over 300 banks and financial institutions across the world. Obviously, the recent agreement with the National Bank of Egypt is expected to increase the number of subscribers on the network exponentially.
At the same time, the bank is also expected to greatly benefit from the liquidity to be provided by RippleNet, which will directly increase the National Bank’s foreign currency earnings.
Ghada El-Bili, the National Banks’ Chief Executive of the Treasury also reiterated that the agreement is a reliable means to improve liquidity for the bank.
The report also stated that the agreement will raise the possibility of linking lots of corresponding banks in other countries such as the United States, the United Kingdom, and Canada.
In conclusion, according to the National Bank of Egypt, necessary tests have been carried out before signing the agreement with the blockchain tech Ripple.